Mr Martinelli, the current executive vice president in charge of retail mortgage sales, will become Loansnap’s new president and continue to focus on expansion of Loansnap’s products and market.

Mr Simone, chief information officer and co-founder of Loansnap, said: Both Michael and Stephen contributed to the success that Loansnap.com has enjoyed since we founded the company together in 1999. Their individual decisions to leave Loansnap.com and pursue other interests were personal ones and reflect their desire to take on new challenges outside of Loansnap.com.